Fri.Jan 17, 2025

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The High Cost Of Not Keeping Up With Your Bookkeeping

Randal DeHart

If you ask 100 business owners what they like least about running a business, bookkeeping will likely rank high. It's an annoying and frustrating chore that takes up much time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your construction company's financial situation can result in missteps that could ultimately cost you your business.

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Preparing Your Client for a Tax Audit: Walking the Taxpayer Through IRS Audits 101

CTP

One of the many roles we play as tax planners is as the taxpayers audit support system. Just the word audit can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. Our clients should know the reasons they might be selected for an audit, how they will find out they are being audited, and what an IRS auditor might ask for.

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In Memoriam: Al Dale, Founding Partner of DMCL

DMCL

It is with deep sadness that we announce the passing of our dear friend, colleague, and founding partner, Al Dale, on January 6, 2025. Als leadership and unwavering dedication have been at the heart of DMCL since its earliest days, and his influence on our firmand on everyone who had the privilege to work alongside himcannot be overstated. Throughout his remarkable career, Al helped shape DMCLs culture of collaboration, mentorship, and exceptional client service.

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It’s 2025: Are You Too Late to the AI Party?

Withum

The constant waves of hype about artificial intelligence have left many business leaders asking themselves an increasingly urgent question: “Have we missed our chance?” With headlines trumpeting AI successes and competitors announcing ambitious AI initiatives, it’s easy to feel like you’re falling behind. But before you rush to implement AI solutions out of FOMO (fear of missing out), let’s examine why “too late” is a relative concept and why thoughtful

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What Your Financial Statements Are Telling You—And How to Listen!

Speaker: David Worrell, CFO, Author & Speaker

Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.

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IRS Chief Danny Werfel to Resign on Jan. 20

CPA Practice

Werfel took over as chief of the tax agency in March 2023 and is stepping down on Inauguration Day with three years left in his term.

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Top Remote Accountants of the Week | January 17, 2025

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

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IRS to test faster dispute resolution

Accounting Today

Three pilot programs aim to increase the use of 'fast-track settlement' in the agency's different divisions.

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Software Tax Deduction: Can You Deduct the Cost of Software for Your Business?

Patriot Software

Millions of businesses use at least one small business software platform to do everything from running payroll to managing customer relationships. Software can simplify processes, save time, and ensure accuracy. But the more systems you use, the greater your costs. Can you take a software tax deduction to offset your expenses?

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Werfel resigns as IRS commissioner

Accounting Today

IRS commissioner Danny Werfel announced plans Friday to resign next Monday, Jan. 20, coinciding with Inauguration Day.

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GBQ Adds Wirth Lowe Wissemeier CPAs in Ohio

CPA Practice

The Columbus, OH-based top 100 accounting firm acquired Cincinnati-based CPA firm Wirth Lowe Wissemeier CPAs, effective Dec. 16, 2024.

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Forecasting Failures Are Costly: Here's How To Fix Them

Speaker: Dave Sackett

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The McCloud Remedy explained & how it impacts on public sector pensions

Wellers Accounting

Jonny Tetsell explains the McCloud remedy, its impact on public sector pensions, the key considerations, and potential complex tax implications.

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KLR Merges in Sullivan Bille in Massachusetts

CPA Practice

With this expansion, KLR will now operate three offices in the Greater Boston area, enhancing the top 100 accounting firm's ability to serve clients across the region.

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IRS revises guidance on residential clean energy credits

Accounting Today

The IRS has updated and added new guidance for claiming the Energy Efficient Home Improvement Credit and the Residential Clean Energy Property Credit.

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Exploring CES 2025 – The Accounting Technology Lab Podcast – Jan. 2025

CPA Practice

Randy Johnston and Brian Tankersley, CPA, explored CES 2025 in Las Vegas in January. In this podcast, they highlight some of the most interesting and useful technologies they saw on display.

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R

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Understanding and Diagnosing VEXAS With the VEXAS Foundation

Withum

What is really valuable is having awareness among the medical profession and awareness among patients who are affected or may be affected [by VEXAS]. Explore Other Episodes #CivicWarriors #WithumImpact The post Understanding and Diagnosing VEXAS With the VEXAS Foundation appeared first on Withum.

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Chinese Hackers Accessed Yellen’s Computer in Treasury Breach

CPA Practice

The attackers also hacked the computers of two of Janet Yellens lieutenants, Deputy SecretaryWally Adeyemoand Acting Under SecretaryBrad Smith, and some unclassified files were accessed.

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IESBA, IAASB near launch of global sustainability assurance standards

Accounting Today

The International Ethics Sustainability Board for Accountants said its Global Ethics Sustainability Standards have been certified by the PIOB and IOSCO.

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Grassi Joins Global Association of Accounting and Advisory Firms

CPA Practice

The top 60 accounting firm has joined PrimeGlobal, an association comprised of more than 300 independent member accounting and advisory firms in over 113 countries with a combined revenue of $5.4 billion.

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Book of Secrets on the Month-End Close

Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.

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On the move: LLME adds audit partner

Accounting Today

Two leaders exit SEC; Illinois CPA Society welcomes largest class of Mary T. Washington Wylie Internship Preparation Program scholars; and more news from across the profession.

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Lifestyle Analysis in White Collar Criminal Defense

FraudFiles

Both civil and criminal cases often involve an element of proving or disproving income of an individual or business. It is not unusual for a divorce case to include allegations of hidden income or assets. In contract disputes alleging the loss of sales or profits, an accurate determination of income is critical. In criminal cases, [.

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Tech news: CPA.com announces updates to Dynamic Audit Solution

Accounting Today

Plus, Corecentric enhances its International Tax Management Engine; and other accounting tech news and updates.

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Brady Martz Adds Green & Miller in Texas

CPA Practice

The Grand Forks, ND-based top 100 firm has expanded its automotive dealerships team and footprint with the addition of Corinth, TX-basedfull-service accounting firm Green & Miller PC.

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How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?

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Failure to prevent fraud: not just the criminal implications?

Menzies

Menzies LLP - A leading chartered accountancy firm. Much has been written about Section 199 of the Economic Crime and Corporate Transparency Act. Rightly so. It is a significant piece of legislation. In introducing a new corporate offence of failure to prevent fraud, the Section 199 allows prosecutions against corporates for allowing a fraud to happen.

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Steps to take as bonus depreciation phases down

Accounting Today

As we enter the beginning of 2025, bonus depreciation continues to leverage down as more portions of the Tax Cuts and Jobs Act expire.

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Ex-PwC CEO Outdoes the Tax Scandal With a Dick Pic Scandal

Going Concern

PwC Australia is in the news again for yet another scandal though this time there won’t be any regulators up their asses about it because the scandalee is their former CEO Luke Sayers. Sayers was CEO when tax partner Peter Collins was sharing confidential government information with other partners for the purposes of client tax-dodging however he had left the position by the time Australian Financial Review ruthlessly began to put a spotlight on the happenings in 2023.

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Reconciliation Debate to Test ‘Tax Cuts for the Rich’ Narrative

CPA Practice

Washingtonis poised once again to return to united Republican control, and theGOP is preparing to extend the Tax Cuts and Jobs Act paired with deep cuts to federal programs that lower-income households rely on, such as Medicaid.

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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.

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IRS Audits 101: Could it Happen to You and How to Prepare

CTP

An IRS audit can happen to anyonebut this is not an invitation to panic. With enough advance preparation, you can sail through an audit with surprisingly little stress. The first step in this preparation process is to make sure you understand the basics: what are the reasons you might be selected for an audit, how will you find out you are being audited, and what might an IRS auditor ask you for?

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10 Tips to a Successful Year-End Closing

Canopy Accounting

Year-end is here, but closing the books doesnt have to feel overwhelming! With a solid plan, you can confidently wrap up your clients books in QuickBooks Online. These 10 tips help you tackle year-end like a pro, keeping last-minute chaos at bay and setting your clients up for a strong start in the new year. Lets dive in and make this year-end as successful as possible!

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George Washington’s First Inauguration

Withum

Next week, Donald J. Trumps second inauguration will take place. He will become our 47 th president. I want to use this occasion to look at the first inauguration of an American president, George Washington, which took place on April 30, 1789. The first Congress under the United States Constitution convened onMarch 4, 1789, at Federal Hall in New York City, the location of our countrys first capital.

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Sens. Rosen, Cruz Re-Introduce Bipartisan ‘No Tax on Tips’ Bill

CPA Practice

During the election cycle, President-elect Donald Trump campaigned on the promise to eliminate taxes on tipsa policy he first introduced during a rally in Las Vegas.

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New Software & You: Elevating Your Tech Stack

Speaker: Joe Wroblewski, Senior Sales Engineer

Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!